Jingyan Technology’s performance commitment compensation lawsuit retrial application was rejected; only 160,600 yuan was recovered through execution repayments.

Jiangsu Jingyan Technology Co., Ltd. (Stock Code: 300709, Stock Abbreviation: Jingyan Technology) announced recently that the company received a “Civil Ruling” issued by the Jiangsu Higher People’s Court, which dismissed the re-application for review submitted by Chen Mingfang and Zheng Yilin regarding their performance commitment compensation matters.

It is understood that the dispute over performance compensation between Jingyan Technology and Chen Mingfang and Zheng Yilin (Chen Mingfang’s husband) began in March 2023. The company filed a lawsuit with the Zhonglou District People’s Court in Changzhou City. After going through first and second instance procedures, the Intermediate People’s Court of Changzhou issued a final judgment in April 2024, ordering Chen Mingfang and Zheng Yilin to pay the company performance compensation of 90.9331 million yuan, a penalty of 750k yuan for breach of contract, and legal fees of 200k yuan.

Because Chen Mingfang and Zheng Yilin did not fulfill the effective judgment, Jingyan Technology has applied for enforcement to the court, which legally froze their relevant equity assets and identified some real estate clues. The company also applied to auction and sell the 10% equity stake held by Chen Mingfang in Shenzhen Antxin Technology Co., Ltd. However, to date, only 160.6k yuan has been deducted from the bank accounts and online payment accounts of the persons subject to enforcement.

The announcement specifically points out that, due to the limited available assets for enforcement of Chen Mingfang and Zheng Yilin, the overall recovery from enforcement is highly uncertain, and the total amount of recovered funds is limited. The company has not yet recognized the revenue from the unpaid performance compensation. The impact of this case on the company’s current or future profits will depend on subsequent enforcement progress.

Additionally, Jingyan Technology stated that as of the date of this announcement, the total amount involved in small claims and arbitration cases in the past 12 months by the company and its controlling subsidiaries is approximately 33.1422 million yuan (excluding the amount involved in this disclosed litigation matter). There are no major lawsuits or arbitration matters that should have been disclosed but were not disclosed. The company will continue to monitor the follow-up developments of this matter and will legally safeguard the legitimate rights and interests of the company and its shareholders.

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Editor: Xiao Lang Kuaibao